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Overdue mortgage payments can create a situation where you’re facing foreclosure. The threat of losing your home is all too real, and the pressure you’re under can grow with each passing day. But there are ways you can solve this time-sensitive problem. One such solution that can lead to you breathing easy again is selling your home.
Even if the date of the foreclosure sale is rapidly approaching, you still have options. Alternatives to suffering through foreclosure include declaring bankruptcy, accepting a deed in lieu offer from your lender, and selling your home, even if it costs less than the amount you owe. To prevent foreclosure from further damaging your credit, it’s important to consider the possible courses of action available.
Considering that declaring bankruptcy gives you 15 days to file for a Chapter 13 reorganization and repayment plan, you could stop the foreclosure sale date for an extra 2 weeks. During this period, you may try negotiating with the mortgage company or lender, or you could attempt to find a buyer interested in taking on your property with debt attached.
One more last minute strategy to stop home foreclosure once the process has started is a sale of your house or condo. With approval from your lender, you can sell your property before foreclosure, typically with an investor’s help. Normally, you can keep your home’s equity or its part while also paying off the outstanding mortgage amount, taxes, and late fees.
But in case you are upside down on your home mortgage, you can try to sell the house for less than what you owe. Such sale is called short sale. In some instances, the lender forgives the rest of the debt, which means you could be immediately debt-free. However, all proceeds will go to the lender in this situation.
A lesser-likely option is that you convey your property’s interest to the bank or mortgagee you’re in debt to through an instrument called deed in lieu. Surrendering the deed can free you of mortgage foreclosure stress, but this option damages your credit almost as foreclosure does, which means approval for a second mortgage could be dicey.
When you need to sell your home in Houston, TX fast, you can’t afford to deal with frustrating complications or delays. Instead, call Houston Cash Home Buyers. As the top local real estate investor, we have years of experience in providing help for sellers and giving homeowners fast cash profits, whether they need to sell the house with much equity or do a short sale.
As quick sale home buyers, we close deals much faster than other options. Even in the event of a time-consuming short sale, instead of making you wait far too long to sell your condo or residence, our company can give you top-quality short sale assistance so the transaction concludes asap.
We buy short sale homes as well as high amount equity houses for nothing but cash, and you aren’t delayed from collecting your profit by having to wait for your buyer’s loan approval. Instead, you can count on fast income with no strings or unnecessary waiting period attached.
By short selling without a realtor and working one-on-one with us, you pay zero commissions or paperwork fees. We never surprise sellers with expenses subtracted from their profits, so you receive exactly the amount we present you with when making our offer.
We buy properties in any condition, so you can get out of pre-foreclosure stage by selling your house as is to us. Whether your home needs a new coat of paint or has more serious defects, we’ll make an offer!
Selling real estate can be stressful and confusing, and we’re here to make selling your home easy and effortless for you. By handling all paperwork on our end, you enjoy a smooth ride that ends with a great cash profit.
To find out exactly what you need to do to sell your house in foreclosure, contact Houston Cash Home Buyers. No matter the condition your home has fallen into during the default or foreclosure process, we can buy your house for cash and take care of paperwork and negotiations for you.
If you’ve come home to find a notice of intent to foreclose on your door, it’s important to take immediate steps to remedy your situation and avoid losing your property and ruining your credit score. After being served with foreclosure papers, you can avoid foreclosure by completing the sale of your house before the auction happens.
Once you’ve received the foreclosure notice due to missed mortgage payments, the house will stay in pre-foreclosure for at least 20 days. After the 20 days are up, being behind on mortgage payments will result in the notice of foreclosure sale being mailed at a minimum of 21 days before the auction will take place.
In Texas, you have 5 days to move out after the eviction hearing where the ruling is issued by the judge. If you remain in the property, you will be given notice to vacate within 24 hours. It’s important to note that occupants and possessions can be physically removed if the property isn’t vacated in accordance with Texas law.
When choosing between a short sale and home loan foreclosure, short selling is the option that leads to more favorable outcomes.
By short selling your house, your credit and financial history are negatively affected, but less than if your property is foreclosed. This means you may buy your next home sooner after selling your current home and ridding yourself of debt, and selling could result in the rest of your debt being forgiven.
Foreclosure causes more damage to your credit and has lasting consequences. Whether you short sell your home or go through with foreclosure, you no longer own your home.
However, if you short sell, you take control of your situation, avoid foreclosure seriously impacting your credit, resolve your debt situation, and may also be assisted by the buyer in finding a new residence. In sum, short selling could create more favorable outcomes.